The Company delivered 78.3 million gallons in the fourth quarter of
2015, an 8.1% increase from 72.4 million gallons in the fourth quarter
of 2014. For the year ended December 31, 2015 the Company delivered
308.5 million gallons, a 16.4% increase from 265.1 million gallons
delivered in the year ended December 31, 2014.

Revenue for the fourth quarter of 2015 was $119.3 million, a 9.7%
decrease from $132.1 million of revenue for the fourth quarter of 2014.
Revenue for the fourth quarter of 2015 and 2014 included $31.0 million
and $28.4 million, respectively, of excise tax credits for alternative
fuels (VETC). VETC is in effect through December 31, 2016 and will be
recognized as earned during each quarter of 2016. Increased VETC revenue
and $4.9 million of revenue from incremental volumes partially offset
the decline in revenue.

Revenue for the year ended December 31, 2015 was $384.3 million, a 10.4%
decrease from $428.9 million for the year ended December 31, 2014.
Revenue of $36.6 million from incremental volumes partially offset the
decline in revenue.

The revenue decreases in the fourth quarter and year ended December 31,
2015 were primarily due to the lower cost of natural gas, continued
softness in the Company’s global compressor business due to low oil
prices and a strong U.S. dollar, and less construction revenue caused by
the type and timing of completed projects.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive
Officer, stated: “We continue to make progress and improve our results
in a tough low oil price market. Year-over-year we experienced double
digit volume growth, and our adjusted EBITDA remained positive and
improved over our last quarter and last year. We are encouraged by the
many bright spots in our business, including the more than 100% increase
in our Redeem™ renewable natural gas volumes in 2015, our substantial
reductions in SG&A expenses, and the sustained strength of the refuse
and transit markets. We continue to leverage our natural gas fueling
infrastructure and solid foundation of recurring volumes while remaining
focused on our capital structure as evidenced by our recent reduction in
our convertible debt by $92.5 million.”

Adjusted EBITDA for the fourth quarter of 2015 was $32.9 million
compared with Adjusted EBITDA of $37.2 million in the fourth quarter of
2014. For the year ended December 31, 2015, Adjusted EBITDA was $27.8
million, compared to $23.7 million for 2014. Adjusted EBITDA for the
fourth quarter and year ended December 31, 2015 and 2014 included VETC
revenue of $31.0 million and $28.4 million, respectively. Adjusted
EBITDA for the fourth quarter and year ended December 31, 2014 also
included a $12.0 million gain from the sale of a subsidiary. Adjusted
EBITDA is described below and reconciled to the GAAP measure net loss
attributable to Clean Energy Fuels Corp.

Non-GAAP income per share for the fourth quarter of 2015 was $0.08,
compared to non-GAAP income per share for the fourth quarter of 2014 of
$0.11. For the year ended December 31, 2015, non-GAAP loss per share was
$(0.75), compared to non-GAAP loss per share of $(0.76) for 2014.
Non-GAAP income (loss) per share for the fourth quarter and year ended
December 31, 2015 and 2014 included VETC revenue and 2014 included the
gain from the sale of a subsidiary as mentioned above. Non-GAAP income
(loss) per share is described below and reconciled to the GAAP measure
net loss attributable to Clean Energy Fuels Corp.

On a GAAP basis, net loss for the fourth quarter of 2015 was $50.0
million or $0.54 per share, which included a non-cash interest charge of
$54.9 million related to the deferred debt issuance costs associated
with the Company’s termination of its credit agreement with GE Capital
EFS Financing (Debt Issuance Costs). Net income on a GAAP basis for the
fourth quarter of 2014 was $1.3 million, or $0.01 per share, which
included a charge of $4.7 million related to a compressor project in
Australia (IMW Australia Project) and the previously mentioned gain of
$12.0 million from the sale of a subsidiary.

On a GAAP basis, net loss for the year ended December 31, 2015 was
$134.2 million, or $1.47 per share, which included the $54.9 million
non-cash Debt Issuance Costs charge mentioned above. Net loss on a GAAP
basis for the year ended December 31, 2014 was $89.7 million, or $0.96
per share, which included a $4.8 million intangible asset impairment
charge related to a service contract that was not renewed (IMW
Impairment) and the previously mentioned $4.7 million IMW Australia
Project charge and gain of $12.0 million from the sale of a subsidiary.

Subsequent to December 31, 2015, the Company paid $16.8 million in cash
to repurchase $32.5 million of the $250.0 million 5.25% Notes due 2018,
plus accrued interest. Additionally, the Company paid $61.8 million in
cash as a prepayment of $60.0 million of the $145.0 million outstanding
principal amount of convertible notes due August 2016, plus accrued
interest.

Non-GAAP Financial Measures

To supplement the Company’s consolidated financial statements, which
statements are prepared and presented in accordance with generally
accepted accounting principles (GAAP), the Company uses non-GAAP
financial measures called non-GAAP earnings per share (non-GAAP EPS or
non-GAAP earnings/loss per share) and Adjusted EBITDA. Management has
presented non-GAAP EPS and Adjusted EBITDA because it uses these
non-GAAP financial measures to assess its operational performance, for
financial and operational decision-making, and as a means to evaluate
period-to-period comparisons on a consistent basis. Management believes
that these non-GAAP financial measures provide meaningful supplemental
information regarding the Company’s performance by excluding certain
non-cash or non-recurring expenses that are not directly attributable to
its core operating results. In addition, management believes these
non-GAAP financial measures are useful to investors because: (1) they
allow for greater transparency with respect to key metrics used by
management in its financial and operational decision-making; (2) they
exclude the impact of non-cash or, when specified, non-recurring items
that are not directly attributable to the Company’s core operating
performance and that may obscure trends in the core operating
performance of the business; and (3) they are used by institutional
investors and the analyst community to help them analyze the results of
Clean Energy’s business. In future quarters, the Company may make
adjustments for other non-recurring significant expenditures or
significant non-cash charges in order to present non-GAAP financial
measures that the Company’s management believes are indicative of the
Company’s core operating performance.

Non-GAAP financial measures have limitations as an analytical tool and
should not be considered in isolation from, or as a substitute for, the
Company’s GAAP results. The Company expects to continue reporting
non-GAAP financial measures, adjusting for the items described below (or
other items that may arise in the future as the Company’s management
deems appropriate), and the Company expects to continue to incur
expenses similar to the non-cash, non-GAAP adjustments described below.
Accordingly, unless otherwise stated, the exclusion of these and other
similar items in the presentation of non-cash, non-GAAP financial
measures should not be construed as an inference that these costs are
unusual, infrequent or non-recurring. Non-GAAP EPS and Adjusted EBITDA
are not recognized terms under GAAP and do not purport to be an
alternative to GAAP earnings/loss per share or operating income (loss)
or any other GAAP measure as an indicator of operating performance.
Moreover, because not all companies use identical measures and
calculations, the presentation of non-GAAP EPS and Adjusted EBITDA may
not be comparable to other similarly titled measures of other companies.
Management compensates for these limitations by using non-GAAP EPS and
Adjusted EBITDA in conjunction with traditional GAAP operating
performance and cash flow measures.

Non-GAAP EPS

Non-GAAP EPS is defined as net income (loss) attributable to Clean
Energy Fuels Corp., plus stock-based compensation charges, plus or minus
any mark-to-market losses or gains on derivative warrants, plus or minus
the foreign currency losses or gains on the purchase notes issued in
September 2010 by the Company in connection with its acquisition of
Clean Energy Compression (IMW Purchase Notes), plus the fair value
adjustment of the remaining shares the Company received from Westport
Innovations, Inc. in connection with the sale of its former subsidiary
BAF Technologies, Inc. (WPRT Holdback Shares Write-Down), plus the Debt
Issuance Costs, plus the IMW Australia Project, plus the IMW Impairment,
plus the costs attributed to executive officer transitions in 2014
(Executive Officer Transitions) and plus the charges relating to the
move of the Company’s headquarters (HQ Lease Exit), the total of which
is divided by the Company’s weighted average shares outstanding on a
diluted basis. The Company’s management believes that excluding non-cash
charges related to stock-based compensation provides useful information
to investors because the varying available valuation methodologies, the
volatility of the expense (which depends on market forces outside of
management’s control), the subjectivity of the assumptions and the
variety of award types that a company can use under the relevant
accounting guidance may obscure trends in the Company’s core operating
performance. Similarly, the Company’s management believes that excluding
the non-cash, mark-to-market losses or gains on derivative warrants is
useful to investors because the valuation of the derivative warrants is
based on a number of subjective assumptions, the amount of the loss or
gain is derived from market forces outside of management’s control, and
it enables investors to compare the Company’s performance with other
companies that have different capital structures. The Company’s
management believes that excluding the foreign currency gains and losses
on the IMW Purchase Notes provides useful information to investors as
the amounts are based on market conditions outside of management’s
control and the amounts relate to financing the acquisition of the Clean
Energy Compression business as opposed to the core operations of the
Company. The Company’s management believes that excluding the WPRT
Holdback Shares Write-Down, the Debt Issuance Costs, the IMW Australia
Project, the IMW Impairment, the Executive Officer Transition and the HQ
Lease Exit amounts is useful to investors because they are not part of
or representative of the core operations of the Company.

The table below shows non-GAAP EPS and also reconciles these figures to
the GAAP measure net income (loss) attributable to Clean Energy Fuels
Corp.:

The table below shows Adjusted EBITDA and also reconciles these figures
to the GAAP measure net income (loss) attributable to Clean Energy Fuels
Corp.:

Three Months Ended December 31,

Year Ended December 31,

(in 000s)

2014

2015

2014

2015

Net Income (Loss) Attributable to Clean Energy Fuels Corp.

$

1,333

$

(50,014

)

$

(89,659

)

$

(134,242

)

Income Tax (Benefit) Expense

(845

)

261

1,075

1,614

Interest Expense, Net (1)

14,041

64,950

44,357

94,970

Depreciation and Amortization

13,610

14,931

49,058

55,219

Foreign Currency Loss on IMW Purchase Notes

—

—

343

—

Stock Based Compensation, Net of $0 Tax

2,307

2,770

11,514

10,779

Gain from change in fair value of derivative warrants

(324

)

(329

)

(5,748

)

(1,414

)

WPRT Holdback Shares Write-Down

—

—

122

—

IMW Australia Project

—

—

4,657

—

IMW Impairment

4,772

—

4,772

—

Executive Office Transitions

1,883

—

1,883

—

HQ Lease Exit

408

338

1,284

835

Adjusted EBITDA

$

37,185

$

32,907

$

23,658

$

27,761

(1) For the three months and year ended December 31, 2015, includes a
non-cash interest charge of $54.9 million related to the Company’s
termination of its credit agreement with GE Capital EFS Financing.

“Gallons” Defined

The Company defines “gallons” as its gallons of compressed natural gas
(CNG), liquefied natural gas (LNG) and renewable natural gas (RNG),
along with its gallons associated with providing operations and
maintenance services, delivered to its customers during the applicable
period plus the Company’s proportionate share of gallons delivered by
joint ventures.

The table below shows gallons delivered for the three months and year
ended December 31, 2014 and 2015:

Three Months Ended December 31,

Year Ended December 31,

Gallons Delivered (in millions)

2014

2015

2014

2015

CNG

52.1

60.7

182.6

229.2

RNG(1)

3.0

1.1

12.2

8.8

LNG

17.3

16.5

70.3

70.5

Total

72.4

78.3

265.1

308.5

(1) Represents RNG non-vehicle fuel. RNG sold as vehicle fuel is
included in CNG and LNG.

Today’s Conference Call

The Company will host an investor conference call today at 4:30
p.m. Eastern time (1:30 p.m. Pacific). Investors interested in
participating in the live call can dial 1.877.407.4018 from the U.S. and
international callers can dial 1.201.689.8471. A telephone replay will
be available approximately two hours after the call concludes through
Sunday, April 3, by dialing 1.877.870.5176 from the U.S., or
1.858.384.5517 from international locations, and entering Replay Pin
Number 13629930. There also will be a simultaneous, live webcast
available on the Investor Relations section of the Company’s web site at www.cleanenergyfuels.com,
which will be available for replay for 30 days.

About Clean Energy Fuels

Clean Energy Fuels Corp. (Nasdaq: CLNE) is the largest provider of
natural gas fuel for transportation in North America. We build and
operate CNG and LNG fueling stations; manufacture CNG and LNG equipment
and technologies for ourselves and other companies; develop RNG
production facilities; and deliver more CNG, LNG, and RNG fuel than any
other company in the U.S. For more information, visit www.cleanenergyfuels.com.

Safe Harbor Statement

This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934 that involve risks, uncertainties
and assumptions, such as statements regarding market adoption of natural
gas as a vehicle fuel, oil, gasoline, diesel and natural gas prices and
the Company’s ability to continue to offer natural gas at a discount to
gasoline and diesel, continued interest and investment in natural gas as
a vehicle fuel, including government incentives promoting the use of
cleaner fuels, the strength of the Company’s key markets and businesses,
the benefits of natural gas relative to gasoline, diesel and other
vehicle fuels, including economic and environmental benefits, the
Company’s ability to successfully enter new businesses, build, sell and
open new natural gas fueling stations and add incremental volume to the
Company’s fueling infrastructure, the Company establishing relationships
with new customers and expanding relationships with existing customers,
and future growth and sales opportunities in all of the Company’s key
customer markets, which include trucking, refuse, airport, transit, and
off-system sales. Actual results and the timing of events could differ
materially from those anticipated in these forward-looking statements as
a result of several factors including, but not limited to, future
supply, demand, use and prices of crude oil and natural gas and fossil
and alternative fuels, including gasoline, diesel, natural gas,
renewable natural gas, biodiesel, ethanol, electricity, and hydrogen,
the Company’s ability to recognize the anticipated benefits of building
CNG and LNG stations, the availability and deployment of, as well as the
demand for, natural gas engines that are well-suited for the U.S.
heavy-duty truck market, future availability of capital, including
equity or debt financing, as needed to fund the growth of the Company’s
business and debt repayment obligations (whether at or prior to
maturity), the Company’s ability to retain and hire key personnel, the
acceptance and availability of natural gas vehicles in the Company’s
markets, the availability of tax credit and other government incentives
for natural gas fueling and vehicles, changes to federal, state or local
fuel emission standards, the Company’s ability to capture a substantial
share of the anticipated growth in the market for natural gas fuel and
otherwise compete successfully, the Company’s ability to manage risks
and uncertainties related to its international operations, construction,
permitting and other delays at station construction projects, the
Company’s ability to integrate acquisitions and investments, compliance
with governmental regulations, the Company’s ability to effectively
manage its current LNG plants and RNG production facilities, and the
Company’s ability to manage and grow its RNG business. The
forward-looking statements made herein speak only as of the date of this
press release and the Company undertakes no obligation to update
publicly such forward-looking statements to reflect subsequent events or
circumstances, except as otherwise required by law. Additionally, the
Company’s Form 10-K, filed on March 3, 2016 with the Securities and
Exchange Commission (www.sec.gov),
contains risk factors that may cause actual results to differ materially
from the forward-looking statements contained in this press release.

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share data, Unaudited)

December 31,

December 31,

2014

2015

Assets

Current assets:

Cash and cash equivalents

$

92,381

$

43,724

Restricted cash

6,012

4,240

Short-term investments

122,546

102,944

Accounts receivable, net of allowance for doubtful accounts of $752
and $1,895 as of December 31, 2014 and December 31, 2015,
respectively